Slide 1: CAGNY 2026 We feed better futures
CAGNY 2026 We feed better futures
Slide 2: Disclaimer
Disclaimer Thi S pre S entation i S being made in re S pect of JBS N . V . and it S S ub S idiarie S (collectively, the “JBS Group”) . Forward - Looking Statements Thi S pre S entation contain S certain S tatement S , including e S timate S , projection S , S tatement S relating to bu S ine SS plan
Slide 3: Presenters
Wesley Batista Filho JBS USA CEO Gilberto Tomazoni JBS Global CEO Guilherme Cavalcanti JBS Global CFO Mechanical engineer with a po S tgraduate degree in management, he ha S exten S ive experience and knowledge of the food indu S try. Worked for 27 year S at Sadia, where he S tarted a S an intern an
Slide 4: A leading global food company
A leading global food company
Slide 5: Growth journey based on strategic acquisitions and efficient operations
Growth journey based on strategic acquisitions and efficient operations 2.0 7.6 16.5 17.6 31.1 36.9 38.6 42.9 51.2 48.9 49.0 51.1 49.7 51.7 52.3 65.0 72.6 72.9 77.2 83.1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 LTM 3Q25 2026 [Beef] [Pork] [Brazil Marg
Slide 6: Long-term value creation
(Bs) Long-term value creation Come ore ire.
Slide 7: Long-term growth strategy
1 Continuou S growth Expand margin S 2 Reduce volatility 3 Financial di S cipline 4 Return to S hareholder S through dividend S and S hare buyback S 5 +150 brand S acro SS the portfolio +300,000 cu S tomer S and S ale S to approximately 180 countrie S +600 operation S in 26 countrie S Profitability
Slide 8: Executing our long-term growth strategy
Executing our long - term growth strategy Pur S uing additional value - enhancing growth opportunitie S with financial di S cipline 1. Enhance Scale in Existing Categories and Geographies 3 . Enhance Platform Diversification and Key - customer Relationship 2. Increase and Diversify Value - Added and
Slide 9: Macro consumer trends
Macro consumer trends JBS is positioned to deliver protein solutions by combining convenience, trusted brands and nutritional value — globally and at scale. Convenience Trust Nutrition Making protein easier to consume Ready - to - cook and ready - to - eat S olution S Simplified preparation and port
Slide 10: MENA and the global halal protein opportunity
MENA and the global halal protein opportunity Source: World Bank, Pew Re S earch Center, Niel S en and JBS US$ 2+ trillion global halal food market Halal meat con S umption expected to exceed US$ 1.5 trillion by 2027 1.9+ billion consumers Growing ~2x faster than the global population OMAN Chicken p
Slide 11: Global diversification through local production
Global diversification through local production Mexico 3% USA 51% Canada 5% Beef Pork Lamb Poultry Aquaculture Leather Plant - ba S ed Center for Innovation Cultivated Protein Prepared Food S Egg S Australia & New Zealand 9% Europe 6% Brazil 26% Net revenue 3Q25 LTM (by production)
Slide 12: Global diversification sales by consumption
Global diversification sales by consumption South America 1% Mexico & Central America 5% Brazil 12% Europe 9% Asia 13% Africa & Middle East 3% USA 50% Canada 4% Australia & New Zealand 3% Net revenue 3Q25 LTM (by consumption)
Slide 13: Operational scale and distribution power across the globe
Operational scale and distribution power across the globe. Protein production in competitively advantageou S location S with S cale Diver S ification by protein and by geography Export acce SS and unmatched di S tribution platform Po S itioned to mitigate trade di S ruption S Brazil i S po S itioned
Slide 14: Recent Capex projects reinforce JBS leadership in the global market
Our most recent Capex projects further reinforce JBS leadership in the global market USA • Walker County (Georgia): New Pilgrim’ S prepared food S facility • Ankeny (Iowa): Fully cooked bacon and S au S age facility • Perry (Iowa): Fre S h S au S age plant • Cactus (Texas) and Greeley (Colorado): Mo
Slide 15: Building strong brands
(Bs) Building strong brands Come ore ir.
Slide 16: The JBS way of building brands
The JBS way of building brands Improve business results CULTURE PERFORMANCE Con S i S tency Innovation Long - term view Clear benefit S to the con S umer BRAND Quality of product S and S ervice S Mind S et: To be the be S t Focu S Operational excellence Cu S tomer relation S hip
Slide 17: Building brands | United States
45 % sales CAGR over 5 years # 1 in velocity Fastest - moving brand in frozen chicken Building brands | United States Just Bare is winning over American consumers through a promise of simplicity , transparency and quality . 1 Billion in sales reached in 2025 From 1% to 13% market share growth in 3 y
Slide 18: Building brands Brazil
Growth in market share (%) # 1 BRAND Frozen food, pizza, bacon, sliced salami, burger patties 93 % Brazilian household penetration + 50 % higher price index Innovative x regular products 32 % Top of Mind (The fastest growing brand | Q124 – 24%) The most innovative brand in Brazil. Leading category g
Slide 19: Building brands Mena region
Building brands Mena region 0 US$ 414M 2021 2025 (Revenue) Source: Brand Awarene SS : IPSOS BHT | KSA & UAE Dec’25 Niel S en Retail Audit Value Share | 5 Market S (KSA, UAE, KWT, QTR, OMN) | W/O KSA Griller | FY’25 Growth in market share (%) 0.2 Prepared food S 8.3 2021 2025 1.3 Chicken Part S 4.5 2
Slide 20: Building brands Mexico
Building brands Mexico +136% growth driven by retail and club expansion +1,830% growth, reflecting rapid consumer adoption +116% growth with steady expansion across channels +21% growth on a large and resilient base Strong and consistent brand growth across categories. Double - digit YOY and CAGR gr
Slide 21: Building brands United Kingdom
Building brands United Kingdom 2019 2025 13.8% 2023 2025 A diversified portfolio to cater for different snacking occasions Revenue growth Household penetration 15.4% A pioneer in protein snacking 88 % Brand Awareness # 1 BRAND Chicken Snack brand in UK # 100 largest brand in UK Grocery Source: Circa
Slide 22: Building brands Australia
81.7% Household penetration 35.8% Market Share +1.3pts growth YoY 85% Total Awareness Primo #1 BRAND in Australia In 5 years: #1 snacking brand ▪ 29.5% Market Share (+0.9pts growth YoY) ▪ $0 $85m S can S ale S in 5 year S ▪ Available in Au S tralia, New Zealand Singapore & Hong Kong Fastest growin
Slide 23: Building brands Australia
Building brands Australia #1 local premium salmon brand in Australia* 1,000+ stores Presence across leading Australian supermarkets #2 salmon supplier in Australian retail* 200% YoY sales growth 2025 vs 2024 Source: *Circana
Slide 24: Financial highlights
(Bs) Financial highlights Come ore ir.
Slide 25: Lifting margins and reducing volatility with diversification
Lifting margins and reducing volatility with diversification 3.8% 6.6% 8.2% 8.4% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM 3Q25 PPC JBS USA Pork JBS Beef North America Seara Con S olidated JBS Au S tralia JBS Brazil Initial focus on downstream diversifi
Slide 26: Solid FCF generation supporting investments, distributions and deleveraging
Solid FCF generation supporting investments, distributions to shareholders and deleveraging Capital Deployment Profile (USS mn) Net Leverage (Net Debt/EBITDA in x) M&A Limit Cap on Dividend Payment Attention Zone Long - Term Goal 2,101 14,182 Free Cash Flow (Excl. Expansion Capex) 766 5,172 Expansio
Slide 27: Free cash flow
2026 2025 LTM 2024 2023 2022 2021 2020 2019 USD mn - 6,843 6,891 3,554 6,678 8,542 5,677 5,106 Adjusted EBITDA* (2,400) (1,791) (1,480) (1,502) (2,173) (1,781) (1,145) (1,076) Capex (1,300) (692) (509) (733) (1,195) (989) (607) (572) Expan S ion (1,100) (1,098) (971) (769) (977) (792) (538) (504) Ma
Slide 28: Evolution of prices and dividends
Evolution of prices and dividends 247 469 902 878 457 1,177 1,190 2021 2022 2023 2024 2025 In recent years, JBS has transformed itself into a dividend stock. Dividend Distribution (US$ mn) S&P 500 400 70 149 278 100 150 250 200 300 350 400 50 Jan - 19 Jul - 19 Jan - 20 Jul - 20 Jan - 21 Jul - 21 Jan
Slide 29: Benchmarking with peers
Benchmarking with peers Trading Trading Multiple EV/ EBITDA 2025 x Footprint FY 2024 Rev. Breakdown (4) % Financial EBITDA CAGR ( 2 ) 19 - 24 ( % ) Return on Inv. Capital (3) Avg. 19 - 24(%) Market Cap. US$ bn Dividend Y ield (5) Avg. 19 - 24(%) EBITDA Margin (2) Avg. 19 - 24(%) 5.7x 6.5x 7.8x 9.2x
Slide 30: Growth potential via entry into US passive funds
Growth potential via entry into US passive funds The Top - 30 Institutional holders represent 57% of the total expo S ure in Global Protein. International investors who are expo S ed to Global Protein are allocated on average 6x more to US - listed companies than to tho S e li S ted in Brazil. The g
Slide 31: Shareholder base before and after dual listing
50% PASSIVE FUNDS Avg. Daily ADTV USS37 million 41% PASSIVE FUNDS Avg. Daily ADTV USS108 million Shareholder base 2023 before the announcement 2025 after dual listing¹ Value 27% Index 25% Growth 22% Externally managed 8% Alternative 6% Other 7% Broker 1% 3% Pen S ion Yield 1% Value 23% Index 19% Gro
Slide 32: G-spread gap reduction between JBS and Tyson
G - spread gap reduction between JBS and Tyson 0 50 100 400 Jul/19 Feb/20 Sep/20 Apr/21 Nov/21 Jun/22 Feb/23 Sep/23 Apr/24 Nov/24 Jun/25 Feb/26 26 bps JBS 2030 400 bps 350 300 250 200 150 TSN 2029 110 bps Nov/21 Moody’s IG Jun/21 Fitch IG May/23 – Bond registration protocol Jul/23 – Exchange offer c
Slide 33: JBS ranks #4 in the Investment Grade Food and Beverage Index
JBS ranks #4 in the Investment Grade Food and Beverage Index Bloomberg Barclay S Credit index Breakdown by Market Value Global Aggregate Index $74.0 trn equiv. U.S. Aggregate $30.6 trn U.S. Credit $8.5 trn U.S. Corporate $7.3 trn Indu S trial $4.2 trn Con S umer Non - Cyclical $1.1 trn Food and Beve
Slide 34: Debt profile
(1) Including the US$570 million in CRA i SS uance, the repurcha S e program and S hort term debt payment. Debt profile 4,145 417 11 132 105 643 149 1,369 2,920 2,550 2,321 1,124 1,494 713 2,416 881 915 1,235 376 984 2,903 Cash and Short Equiv. Term Proforma 2026 2027 2028 2029 2030 2031 2032 2033 2
Slide 35: We feed better futures
(sBs} We feed better futures Come ore itv. Fribei pigtiny wcmono RIGAMONTI Feara] fUON @elieid) Biived OSwift @ MANTIQUEIRA Pittne- wy Cr)